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WorksheetsFinancial Institutions Review
Total questions: 20
Worksheet time: 10mins
A "spoof" or a fake email that appears real , is part of what investment scam?
Spoofing
a pyramid scheme
affinity fraud
phishing
Which of the following is a disadvantage of using cash a form of financial exchange?
The risk of theft decreases
Cash payments often incur fees
There is a higher risk of fraud
It is easy to steal or lose.
What is a tip to paying bills on time?
Notify businesses to let them know that time extensions are needed.
Set aside two times a month to pay bills.
Pay bills as soon as they arrive.
Require businesses to use direct deposit into your account.
Monitoring financial accounts and reading bank statements on a regular basis can help detect activities associated with
Personal hijacking
Property infringement
Identity theft
security fraud
Reconciling a personal bank statement is the process of determining any differences between the bank statement balance and the
Checkbook balance
Balance Sheet
Deposit Slips
Installment amount
Checks over ______ old may not be honored by a bank.
2 weeks
4 weeks
3 months
6 months
a ________________ endorsement results when the payee signs on the back "for deposit only" and signs their name.
Blank
Special
Joint
Restrictive
A check that has been processed by the bank and has been subtracted from the depositor's account is called
Cleared
Special
Outstanding
Blank
The process of matching your checkbook register with the bank statement is called
Journaling
Reconciling
Totaling
Depositing
When a payment on a check is prevented by the bank before it can be made to the payee, it is a(n)
Overdraft
Cashier's check
Stop payment order
Service fee
An example of a demand deposit account is
checking account
savings account
both of these
none of these
If a person writes a check but does not have enough money in the account to cover the check what happens?
Non-sufficient funds
Overdraft
Stop payment order
Share draft
What is one benefit of using a checking account that is NOT a benefit of using a savings account?
Proof of payment
Interest earned
Insured deposits
Electronic deposits and withdrawals
The equation for computing your statement of financial position is:
Net worth = assets + liabilities
Net worth - assets = liabilities
Net worth = assets - liabilities
Assets = liabilities - net worth
the person to whom the check is written is the
Endorser
Cashier
Payer
Payee
What is an advantage of electronic funds transfer (EFT)
You earn more interest on an EFT account than a checking account
The number of withdrawals from an EFT account is limited so you are not tempted to impulsively use the money,
This is the best way to always keep your personal and financial information secure.
Your paycheck can be deposited directly into your checking account.
Which of the following makes a check illegal or invalid? Check all that apply.
The check is not signed.
Nothing is written in the memo section.
You have written fourty instead of forty
The check is post-dated
The address on the check is a P.O. Box
How long should you keep old tax returns?
You don't have to, the IRS has the information.
Until you file next year's returns
3 years
7 years
Why should you keep receipts for any work done to your house?
In case there is a warranty on the work and you have a problem.
So when you go to sell your house you can prove when work was done.
So you can track how much you are spending on house repairs when you create a budget.
All of the above.
If you do not have a checking account you cannot pay a bill with a paper check.
True
False
